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Mobile wallet interoperability mandatory from FY23

May 20, 2021

Mobile wallet interoperability mandatory from FY23

The Reserve Bank of India (RBI) needs completely authorized prepaid payment instruments (PPIs) or mobile wallets like Paytm, PhonePe and Mobikwik to be interoperable from financial 2023, as per a roundabout gave on Wednesday.

This implies that beginning April 2022, a completely considered mobile wallet client one who has satisfied all know-your-client (KYC) standards will actually want to send and get cash from various mobile wallets. For card-based PPIs, this will be accomplished by means of card network interoperability and for e-wallets through the Unified Payments Interface (UPI), the national bank said. You could also be using video kyc as long as it is secure and services by a reliable company.

PPIs for Mass Transit Systems (PPI-MTS) will remain excluded from interoperability while Gift PPI guarantors have the choice to bring to the table interoperability, the national bank said in its round.

Also, mobile wallets would now be able to be utilized for cash withdrawals up to ₹2,000. As far as possible has likewise been expanded to ₹2 lakh from ₹1 lakh, as indicated by the round.

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